Logo of Saudi Chemical Holding Co. (SCHC)
Saudi Chemical Holding Co. said that the military industries complex is 80% complete, expecting the project to be ready on June 30, 2022.
The company said in a bourse statement that the delay is due to challenges and difficulties caused by COVID-19 pandemic, including suspension of travel to and from Saudi Arabia and its direct impact on the logistics operations.
This resulted in a delay in the arrival of parts of the production lines and the technical partner support team.
The impact of the delay on the company’s financials is under evaluation and will be duly announced.
The chemical producer will unveil any relevant updates in due course. In March 2020, Saudi Chemical announced the beginning of construction works for an explosives and military products manufacturing facility with a total investment of SAR 1 billion over the next five years. It then expected the operation and production to start in the first half of 2021, according to data compiled by Argaam.
Comments
{{DisplayName}}
{{ElapsedTime}}